Russia’s energy minister calls oil at $50 to $55 a barrel in 2021


Russian energy minister Alexander Novak arrives for the 177th Organization Of Petroleum Exporting Countries (OPEC) meeting in Vienna, Austria, on December 5, 2019.

JOE KLAMAR | AFP via Getty Images

Russian energy minister Alexander Novak made a call for only modest oil price recovery in 2021, based on a weak demand look and pandemic-induced changes in business and human behavior. 

“My forecast for 2021 is a little more modest than that of Goldman Sachs. I predict the range of $50-$55 per barrel, as the average price for the year. But we can expect volatility in the market, with both highs and lows,” he told CNBC’s Hadley Gamble on Friday. 

Goldman Sachs last week published a note…


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